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Russia's MegaFon cuts guidance for $375 million five-year bullet to 8% to 8¼%
By Reshmi Basu
New York, Dec. 1 - MegaFon SA lowered price guidance for its $375 million five-year senior fixed-rate bullet notes (B2/B+/BB-) to yield 8% to 8¼%, according to a market source.
Initial price guidance was set at 8¼%.
The book size is around $900 million, and pricing is expected to take place on Thursday.
Citigroup and ING are running the books for the Regulation S offering.
The notes will be guaranteed by OJSC MegaFon's major operating subsidiaries.
Proceeds will be used to fund the company's investment program.
The prospective issuer is Russia's third largest mobile phone company.
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